Mumbai | 9th November 2020: ICICI Bank today announced the launch of India’s first comprehensive banking programme for millennial customers, in the age bracket of 18 years to 35 years. Inspired by ‘Millennial Network’, the proposition is called ‘ICICI Bank Mine’ and offers an instant savings account, a feature driven iMobile application that offers investment guidance to suit the demand of millennials, curated credit and debit card, instant personal loans & overdrafts, and even an experiential branch with social engagement space.

Commenting on the launch, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “Our country is uniquely poised for a demographic dividend in the coming years with millions of youth expected to join the workforce. We estimate that the country has around 40 million progressive young millennials, who would contribute significantly to the economy and banking in the years to come. Our extensive research shows that millennial customers want banking to be simple, digitally enabled and customised. Based on these insights, we have created ‘ICICI Bank Mine’, the country’s first full banking stack for millennials. It offers a mobile first, highly personalised and experiential led banking experience to them. We have noticed that, while the millennial customers want ‘digital first’, they don’t want a ‘digital only’ bank. This has led us to introduce a new format experiential branch suited to the lifestyle of millennials.

‘ICICI Bank Mine’ also offers investment guidance to customers through a completely user experience focused iMobile application. For this, we have integrated the investment platform of Sqrrl, a leading fintech in the investment space, with our mobile application iMobile, to guide customers to invest easily and in a tech-savvy way. We intend to continue to integrate relevant fintech offerings in the iMobile app for our millennial customers. We believe that ‘ICICI Bank Mine’ offers millennial customers a 360-degree holistic and most comprehensive proposition in a single place across their life stages.”

The key offerings of ‘ICICI Bank Mine’ are given below:

· Instant savings account opening: A millennial can easily open a savings account completely digitally and instantly on the Bank’s website or iMobile application using his/her Aadhaar and PAN card. The account number and a virtual debit card are instantly generated which can be used by customers immediately to start transacting and make payments online.

· New look iMobile: The customers get instant access to a new-look ‘iMobile’, the Bank’s mobile banking app, with a refreshed UI/UX and millennial friendly language. The new version provides two additional benefits, in addition to the already existing bouquet of features, to customers. One, it provides a customisable personal finance management tool that uses real-time AI based analytics to create one’s own budget, provide insights on history of transactions, a spending tracker with alerts on utlisation of budgets and recommendations for other products based on the spends. These recommendations include credit/debit card upgrade, reward redemption, investment among others. Two, this version of ‘iMobile’ enables the millennial customers to save for their goals in a simple way. Customers can pick up their investment option, out of a list of three, as per their goal and their risk profile. The Bank offers this service in association with Sqrrl, a prominent mutual fund investment fintech. The Bank also intends to continue to integrate relevant fintech offerings in this version of the iMobile app for its millennial customers.

· New credit card with curated features: ICICI Bank offers the country’s first flexi-plan credit card to enable ‘ICICI Bank MINE’ customers to choose a plan every month in order to suit their lifestyle and monthly requirement. They can pick a plan from a bouquet of three just by a click on iMobile. The card also offers muti-brand alliances with key digital brands Amazon, Swiggy, Zomato, Myntra among others and offers cashback of up to 5% on spends on key digital brands.

· Instant personal loan and overdraft facility: Millennial customers can avail two instant credit facilities through ‘iMobile’ in order to fulfil their aspirations. One, pre-approved customers can avail of ‘Insta Personal Loan’ facility up to Rs 25 lakh in just three seconds for their one-time requirements like purchase of consumer durables, wedding, relocation among others. Two, they can also fund unforeseen monthly recurring expenses by availing the facility of Insta Flexicash, an overdraft linked to their ‘ICICI Bank Mine’ account.

· Different looking ICICI Bank branch with experiential engagement area: For advisory on banking products like investments and full range of loans, the Bank has added a physical presence of an experiential branch targeted at millennials. Its uniqueness lies in its format that provides an experiential space with full digital self-service kiosks, digital banking terminals and dedicated area for engagement and entertainment sessions. Also, the branch at times will serve as the venue for ‘Mine Live’, an event platform that hosts specially curated virtual events in the form of workshops, panel discussions, talent shows on travel, food, health and entertainment. The first experiential branch for millennials has been opened at Manyata Tech Park in Bengaluru.          

Any millennial aged up to 35 years can apply digitally for an ‘ICICI Bank Mine’ account from tomorrow, November 6, 2020. The person can do so on the Bank’s website or by downloading iMobile from Google Playstore for Android. The iOS version will be available shortly.

For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank

For media queries, write to: corporate.communications@icicibank.com

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